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'Car Bubble' Blows Up on Automakers
'Car Bubble' Blows Up on Automakers
Apr 3, 2009 10:01 AM CDT

'Car Bubble' Blows Up on Automakers

Sales were artificially high in boom years; rebound unlikely

(Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post. Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven...

More Big Auto Sales Drops: GM Off 45%, Ford 41%

(Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’...

Rival Bankruptcies Spook Jealous Ford

It's kinda jealous

(Newser) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared suppliers...

Ford to Make Car Payments for Buyers Who Lose Jobs

Firm will cover up to $700/month for a year

(Newser) - With auto sales battered by the recession and tight credit, Ford is offering a payment protection plan to reassure consumers delaying buying new cars because of job-loss fears, the AP reports. The automaker will cover payments of up to $700 each month for up to a year on any new...

Obama to Outline Plan for Auto Industry Monday

President will discuss required conditions for further government aid

(Newser) - President Obama is nearing a decision on whether to give automakers more bailout money and will lay out his plan for the future of the industry Monday, the Detroit News reports. The president “will outline what he thinks is the best way forward," spokesman Robert Gibbs said, including...

US Cars Catch Foreign Makers in Dependability

(Newser) - Buick and Jaguar are the most dependable all-around car brands this year, the Detroit News reports. A study by JD Power and Associates looked at the average number of problems that crop up in 2006 models to make its estimation, which could be more influential as the recession has drivers...

Auto-Parts Suppliers Get Own $5B Bailout

(Newser) - The US will provide $5 billion in aid to the nation’s auto-parts manufacturers, a sector struggling because of the tenuous financial situation of Detroit’s Big Three car companies, the Wall Street Journal reports today. Many parts makers face bankruptcy, as they have not been paid for product delivered....

AT&T Will Spend $565M to Green its Vehicle Fleet

(Newser) - AT&T pledged to spend $565 million to replace its current vehicle fleet with models that run on alternative fuels, the Detroit Free Press reports. The firm will buy over 15,000 hybrid and natural-gas-powered cars, mainly from Ford. AT&T billed the move as not only environmentally responsible but...

Ford-UAW Deal Shows Detroit the Way Forward
Ford-UAW Deal Shows Detroit the Way Forward
OPINION
Mar 10, 2009 1:39 AM CDT

Ford-UAW Deal Shows Detroit the Way Forward

Compromise reveals Detroit's 'dinosaurs' can adapt to survive

(Newser) - The deal hammered out between Ford and the UAW offers Detroit a rare glimpse of hope for the future, Jim Jelter writes in MarketWatch. The deal, ratified by workers yesterday, lets Ford pay half its health-care costs for workers in shares instead of cash, binding workers fortunes' closer to the...

Stocks Gyrate; Dow Down 37
 Stocks Gyrate; Dow Down 37 
MARKETS
Mar 3, 2009 3:20 PM CST

Stocks Gyrate; Dow Down 37

Investors hope yesterday's sell-off brings the market close to a floor

(Newser) - Stocks looked set for rallies several times during today’s session in the wake of yesterday’s sell-off, but closed with mild losses, the Wall Street Journal reports. Shares of General Motors and Ford fell after both reported declining sales for February. The Dow fell 37.27 to close at...

Auto Suppliers Seek Their Own Bailout

Trade groups warn industry could collapse from bottom up as Big 3 troubles filter down

(Newser) - The auto industry is warning that it could collapse from the bottom up if the government doesn't immediately assist America's car parts suppliers, the Washington Post reports. Suppliers are struggling to use their unpaid billings to troubled automakers—usually 45 to 60 days behind deliveries—as collateral for operating loans,...

Obama's Auto Team Drives Foreign Cars

Just 2 of task force's 8 members own domestic models

(Newser) - Detroit’s Big Three might be in worse trouble than they thought: Of the eight people on the Presidential Task Force on the Auto Industry, and the 10 policy aides assisting them, just two own cars built by American-owned manufacturers, the Detroit News reports. The co-chairs—Timothy Geithner and Lawrence...

Detroit Bailout Proposals: Disappointing, Incomplete

Chrysler, GM offer no plans to get people to buy their cars

(Newser) - GM and Chrysler now want another $22 billion from Washington—and propose to use dramatic job cuts to help right their respective ships. What both companies avoid, writes economist Susan Helper for the New Republic, is an appraisal of the real problem: Nobody wants to buy their cars. Rather than...

Auto Sales Off Again: GM 49%, Ford 40%, Toyota 32%

Double-digit US losses expected to continue

(Newser) - Three automakers said today their US light-vehicle sales plummeted again in January: General Motors fell 49%, Ford 40% and Toyota 32%. It’s an abysmal start to 2009 for the industry as sales to fleet buyers like rental car companies weighed down the results. Chrysler and other automakers also are...

Stocks Retreat After Rally
 Stocks Retreat After Rally 
MARKET Open
Jan 29, 2009 8:44 AM CST

Stocks Retreat After Rally

(Newser) - Stocks sank at the open today as investors cashed in after yesterday’s rally. The Dow lost 90 points, while the Nasdaq and S&P both dipped 1.4%. The day’s economic data was negative as usual: Continuing jobless claims rose 159,000, orders for durable goods dropped 2....

Just What Is an 'American' Car?
 Just What Is an 'American' Car? 
Analysis
Jan 26, 2009 11:02 AM CST

Just What Is an 'American' Car?

As automakers expand globally, just what helps US economy most?

(Newser) - Lawmakers hoping to give a boost to the American economy by investing in the auto industry might get as much bang for their buck by sinking money into Honda or Toyota as they would Ford, Chrysler, or General Motors, the Wall Street Journal notes. The auto industry has become too...

US Choice: Put Money in Startups or Big Three

Tesla needs aid for new electric sedan

(Newser) - Small upstart Tesla wants to build on the success of its bold electric sports car—the pricey Roadster—by building a tamer sedan for the masses. But to do so, it needs a big infusion of cash from the Obama administration, which is looking to boost clean energy. The situation,...

Ford, Hyundai Win Top Wheels Honors
Ford, Hyundai Win
Top Wheels Honors
Jan 12, 2009 1:53 AM CST

Ford, Hyundai Win Top Wheels Honors

Ford F-150, Hyundai Genesis named top 2009 vehicles

(Newser) - Here's some good news for ailing Detroit: The redesigned Ford F-150 was named North America's Truck of the Year yesterday by a team of journalists who preferred its design, handling, drive and value to the other finalists, the Dodge Ram and Mercedez ML320. Korean automakers clinched their first victory...

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,...

Auto Sales Take a Drubbing in December
Auto Sales
Take a Drubbing in December
UPDATED
Jan 5, 2009 1:28 PM CST

Auto Sales Take a Drubbing in December

Chrysler off 53%; GM, Ford, Toyota, Honda all down more than 30%

(Newser) - Chrysler's sales were off 53% in December compared to the same time last year, the Wall Street Journal reports today, with Ford's off 32% and General Motors down 31%, further indicating a steep decline in US demand for cars. Foreign makers took an even harder hit last month: A 35%...

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